BlackBerry is making its exit from the mobile ecosystem official by agreeing to sell patents covering mobile devices, messaging, and other tech to Catapult IP Innovations for $600 million.
The company says this sale "will not impact customers’ use of any of BlackBerry’s products, solutions or services." That's probably at least partly because BlackBerry already discontinued many of its legacy products—including its eponymous operating system—on Jan. 4.
Catapult is "a special purpose vehicle formed to acquire the BlackBerry patent assets," according to BlackBerry, which says the patent buyer is currently raising the funds required to close this deal. That includes $450 million in cash set to be paid when the deal is done.
The remaining $150 million will be paid out in $30 million installments starting three years after the deal closes, BlackBerry says, assuming Catapult hasn't defaulted on its loan. The company hasn't said what (if anything) Catapult plans to do with the patents after the deal has closed.
BlackBerry says it could take up to 210 days for the deal to be finalized. It also notes in its filing with the US Securities and Exchange Commission that it can pull the plug on the deal if Catapult doesn't secure the necessary funding within 90 days of the companies' agreement.